UAE energy minister calls on oil producing countries to address weak demand

Dubai — UAE's energy minister said on Sunday all oil producing countries need to address the weak global crude demand as the OPEC+ alliance gears up for an emergency meeting this Thursday to discuss an oil output cut.

"A joint and combined effort by all oil producing countries is required, not only the group of OPEC+ countries, in order to address the weakness of demand in the global oil market," Suhail al-Mazrouei said in a statement carried by state-run WAM news agency.

"The UAE is confident that, if an agreement can be reached, all producing countries will work quickly and cooperatively to address the weak demand for oil in global markets, helping to rebalance the market and maintain global oil inventories at reasonable levels."

The UAE, OPEC's third largest oil producer, started pumping more than 4 million b/d in April after the expiry of the previous OPEC+ agreement in March.

The UAE joins Iraq, OPEC's second largest oil producer, in calling on countries outside the 23-member OPEC+ coalition to help stabilize the oil market.

Iraq's oil minister Thamir al-Ghadhban said on Sunday any new agreement among OPEC+ members needs to be supported by key oil producers outside the alliance, such as the US, Canada, Norway and others.

So far, only Norway has suggested it may join a new OPEC+ pact.

Norway, Europe's largest oil producer, would be willing to participate in production cuts as part of a "broad" international effort, petroleum and energy minister Tina Bru said Saturday.